The price of Ripple spiked in mid-September after CNBC reported that the company was moving closer to launching its xRapid product. xRapid, which uses the XRP cryptocurrency as a “bridge” against currencies, allowing payment providers and banks to process cross-border transactions faster and more efficiently.
“A couple of years ago, the narrative was ‘blockchain good, crypto bad,’ but I think what we’re now seeing is that more regulators and policymakers [think of] the whole space in one conjunction…you can not have runways without the airplanes,” Sagar Sabhai, head of regulatory regulations of APAC and the Middle East at Ripple, told CNBC.
Ripple, which has the core mission to “provide one frictionless experience to send money globally using the power of the blockchain,” has faced some criticism from the crypto community at large regarding its centralization, but this doesn’t seem to phase the core team. “Ripple has always been a payments company first, and blockchain has always been in our DNA, but we have never been dogmatic about what we acknowledge to apply…there’s a little bit of blockchain in all of our different products,” said the current CTO of Ripple, Stefan Thomas.
Criticism aside, both XRP and the Ripple platform at large have experienced amazing momentum this year, announcing partnerships with big name financial institutions such as MoneyGram, Santander Group, and American Express. What else is up ahead for this innovative currency and payment settlements platform? Let’s take a look.
Ripple for Good
Ripple’s commitment to streamlining financial transactions extends beyond the corporate sector. Indeed, in addition to the xRapid launch, the company has also recently launched “Ripple For Good,” dedicated to educate and empower individuals who traditionally have been financially excluded from society. The company has committed $100 million to the program. Ripple For Good will work atop the framework built by RippleWorks, another organization founded by the company dedicated to helping small entrepreneurs scale up rapidly.
“If we are truly committed to transformative global change, we will work to help ensure that innovations in banking and global payments are available everywhere to everyone, among unbanked and underbanked populations and in economies and economic sectors that serve the greater good,” said Head of Social Impact for Ripple, Ken Weber.
The Future of Ripple
October 1st and 2nd, Ripple hosts their SWELL conference in San Francisco. SWELL is meant to connect the world’s leading experts on policy, payments and technology for “the most provocative dialogue in global payments today.” Located in downtown San Francisco, the keynote speaker for the event is President Bill Clinton.
The first day’s agenda deals with the adoption of blockchain technology across traditional banking systems, while the second day tackles the future of e-commerce.
Both a digital currency and a payments platform that has inspired many mainstream partnerships, philanthropy projects, and tremendous enthusiasm from finance markets and leaders in Japan and South Korea, as well as the rest of the world, it seems very likely that momentum will build and prices will continue to rise.